Loading ...South Korea Risks Economic Self-Sabotage With $1 Trillion Crackdown On US Tech Giants
“We have different ideologies and also a different system of government…”
For those who don’t know, South Korea is big on extracting money from Big Tech firms in the United States – a protectionist tactic similar to China – aimed at curbing the dominance of global tech platforms when it comes to social media, search, e-commerce and app stores, while favoring domestic players such as Naver and Kakao.
A new report by the Competere Foundation contends that Korean competition and digital-market policies coming out of the KTFC could result in a combined $1 trillion in economic losses over the next decade, including $525 billion for the U.S. and $469 billion for South Korea. The group argues that tighter controls on global tech firms such as Apple, Google, Microsoft, and Coupang are “discriminatory” and risk chilling innovation and foreign investment.